292 Enfield St

Hartford, CT 06112

$479,900B+

9 bd · 4.5 ba · 3,887 sqft · Built 1926 · MultiFamily · Under Contract · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,274/mo
• Mortgage (P&I): −$2,517
• Tax + insurance: −$800
• HOA: −$0
• Vac / Maint / Mgmt: −$1,528
• Net cashflow: $2,430/mo
• Annual: $29,160/yr
• Cap rate: 12.37%
• Cash-on-cash: 21.70%
• DSCR: 1.97
• 1% rule: 1.52%
• Cash to close: $134,372

Investor read

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $480k. Condition is rated good.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $810/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $480k).
• It's been on market 59 days — a 3% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $466k (3.0% below list) — sets the bar for market timing.
• In year one you build about $51k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#58 in CT, #3,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, crime F, employment F.
• Hartford School District (urban): math 13% / reading 21% proficiency, ranked #150 of 153 in CT (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; lower-income renter base — watch delinquency; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $134k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $7,274/mo this rent would consume 196% of the median local household income ($44k/yr) (locally 1466% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Aesthetic update needed.
• Minor: bathroom fixtures — Update needed for modern look.